Sylvania, PGM tailings retreatment operator, has reported a record 81,002 ounces of 4E (platinum, palladium, rhodium and gold) for the year to June 30, supported by fourth-quarter output of 21,114 oz and stronger pricing. Quarterly net revenue rose 15% to $30.3 million and group EBITDA increased 98% to $12.9 million as plant feed and grades improved and basket prices firmed. The company ended June with $60.9 million in cash and withdrew a retrenchment consultation at Lesedi after operational performance stabilised.
Quarterly Performance and Price Tailwinds
Sylvania said fourth-quarter ounces increased 3% from the prior quarter as both tonnage and feed grade improved, while operating cash costs fell 11% per 4E ounce in dollar terms. Management cited a 14% quarter-on-quarter rise in the average 4E gross basket price to $1,622/oz as a key driver of the earnings rebound. “The Company ended FY2025 with another strong quarterly production performance… bringing the total annual production to 81,002 4E PGM ounces, which is a new record,” CEO Jaco Prinsloo said.
Project Execution: Thaba JV and Filtration Plant
Commissioning at the Thaba joint venture—processing chrome and PGM material from historic dumps at Limberg, Limpopo—started in the quarter and is ramping through the first quarter of FY2026, with steady-state expected by the December quarter after earlier weather and safety-related delays. A centralised PGM filtration plant remains on budget and on schedule for completion in the second quarter of FY2026, enabling dried-cake deliveries and improved blend control to enhance payability.
Operations and Safety
The Sylvania Dump Operations (SDO)—Millsell, Mooinooi, Lesedi, Doornbosch, Lannex and Tweefontein—continued to benefit from higher plant availability and preventative maintenance. The group recorded its best annual safety performance on total injuries; Doornbosch reached 13 years lost-time-injury free, and the Eastern Operations completed one injury-free year. Improved current-arisings from a host mine ROM plant at Lesedi underpinned the withdrawal of a Section 189A labour consultation initiated in July 2024.
Market Impact and Pricing
Stronger PGM prices into mid-year provided a tailwind. Spot platinum has hovered around $1,300–$1,330/oz in early August, palladium near $1,180–$1,210/oz, and rhodium around $6,650–$7,150/oz, according to market data and price bulletins. While prices remain volatile, the improvement versus early-2024 lows broadened margins across tailings retreatment producers.
Company Background and Market Context
AIM-listed Sylvania concentrates on chrome-tailings retreatment across South Africa’s Bushveld Complex and is the industry’s largest producer from chrome dumps. Management is positioning Thaba to add a full-margin chrome concentrate stream alongside incremental PGM ounces, with the group’s $60.9 million cash balance funding growth, including the filtration project. Sector-wide, FY2025 benefited from a higher PGM basket in the June quarter; however, producers remain focused on cost control amid uneven automotive and industrial demand.
PGMs are critical for automotive catalytic converters (platinum and palladium) and niche industrial uses (rhodium). Platinum’s deficit outlook has supported prices around the low-$1,300s/oz, palladium has recovered from multi-year lows on tighter supply and substitution dynamics, and rhodium—thinly traded—remains elevated. Sustained plant stability and the ramp-up of Thaba will be central to Sylvania’s ability to convert firmer pricing into cash flow through FY2026.
